AUDUSD’s fall from 0.8858 extended to as low as 0.8315. The subsequent bounce suggests that a cycle bottom is being formed on 4-hour chart. Further rally to test 0.8600 key resistance is expected, a break above this level will confirm the cycle bottom, then another rise towards 0.9000 could be seen. Support is at 0.8315, only break below this level could trigger another fall to 0.8150 area.
Join the Discussion